| Janashakthi
teams up with ICICI bank in strategic tie-up
for Bancassurance
Colombo. Thursday 31 January 2008.
Janashakthi Insurance, Sri Lanka’s leading
insurance company which has topped an unprecedented
premium income while being in operation for
just over a decade, and the ICICI Bank, India’s
largest private bank with assets of over USD
96 billion (as of December 31, 2007) and presence
in 18 countries worldwide through its subsidiaries,
today joined forces in a strategic partnership
for bancassurance arrangement. The MOU was
signed by Country Head of ICICI Bank, Prem
Kumar Thampi and Managing Director of Janashakthi
Insurance Co Ltd, Prakash Schaffter.
This arrangement will provide both banking
and insurance solutions to customers under
one roof. Products such as Janashakthi Full
Option (motor insurance), Janashakthi Awaranaya
(fire and burglary insurance), Janashakthi
Worldwide Travel, Janashakthi e-Marine and
Title insurance will be initially offered to
the customers through this special arrangement.
Life insurance products such as Decreasing
Term Assurance under Janashakthi Loan Guard,
Janashakthi Vishrama – Retirement products
will also be available through this operation.
“We have been exploring the opportunity to find a right partner for this
emerging trend in the global arena for distribution of insurance products and
services. We are indeed happy today to sign up with a truly leading global
bank to exploit mutual benefits offered in bancassurance”, Managing Director
of Janashakthi Insurance Co Ltd, Prakash Schaffter
“In India ICICI Bank has been a pioneer in leveraging synergies in the
financial sector through strategic tie-ups with various industry players. Extending
the same strategy to Sri Lanka, ICICI Bank is pleased to enter into this new
partnership with Janashakthi Insurance Company to offer the best insurance
products to our customers in the country. The bank has always been in the forefront
to constantly evaluate customer requirements and provide best services and
this partnership is a step in that direction”, said Country Head of ICICI
Bank, Prem Kumar Thampi.
“We are very optimistic that this new partnership will bring about an
exclusive and a wide array of financial solutions and services at the bank
premises itself, either by sharing the Janashakthi extranet or through web
enabled online services, apart from the professional advice by insurance professionals
placed in the bank premises. The proposed business model will fundamentally
change the status quo from a “service centre” to a highly customised “Sales
Centre”. Janashakthi Insurance customers too will receive exclusive solutions
from our strategic partner ICICI Bank”, said General Manager Sales and
Marketing of Janashakthi Insurance Co Ltd Ravi Lyanage.
Head Retail Assets, ICICI Bank, Sri Lanka,
Kurien Elias said that the bank has been offering
various innovative products to the customers
since the launch in early 2006. “We are
delighted to be working with Janashakthi, one
of the leaders in the Sri Lankan insurance
sector. We expect the partnership to be a win-win
for the bank, Janashakthi and customers”.
Janashakthi’s constant investment in
a state-of-the-art IT system has enabled the
Company to offer prompt, convenient and efficient
services to policy holders all over the country.
The company constantly invests in new technology
to establish itself as the most technologically
superior insurer in the Sri Lankan market.
It has established many industry records surpassing
long standing insurance companies in the market
by being in operation for only 13 years. Janashakthi
is the first and only insurer to be awarded
ISO 9001:2000 international quality accreditation
from the International Standards Organization
for both life and general lines of operations
adapting its operational procedures and systems
for the continuous improvement of its quality
management system. Janashakthi insurance was
the only service marketer to be rewarded with
6 awards at SLIM brand excellence awards in
2006-2007, recognising the constant efforts
and initiatives deployed by Janashakthi to
satisfy consumer needs.
ICICI Bank offers a wide range of banking products
and financial services to corporate and retail
customers through a variety of delivery channels
and through its specialised subsidiaries in
the areas of investment banking, life and non-life
insurance, private equity and asset management.
ICICI Bank is a leading player in the retail
banking market and services its large customer
base through a network of over 955 branches
and extension counters, 3685 ATMs, call centres
and internet banking (www.icicibank.com).
ICICI Bank set up the International Banking
Group (IBG) in 2002 to implement a focused
strategy for its international banking business.
Within a short span of five years, ICICI Bank’s
international presence currently spans 18 countries
and includes wholly owned subsidiaries in the
United Kingdom, Canada and Russia; offshore
banking units in Singapore and Bahrain; a branch
in Dubai International Financial Centre, branches
in Sri Lanka, Hong Kong, Qatar and ICICI Bank
UK branches in Belgium; and representative
offices in the United States, China, United
Arab Emirates, Bangladesh, South Africa, Indonesia,
Thailand and Malaysia.
The product and services mentioned in
the press release are provided by ICICI Bank
Sri Lanka Branch and is subject to product/service
specific terms & conditions. The details
of such terms and conditions are
available on 'www.icicibank.lk or
contact “ICICI Bank, Sri Lanka” Branch
at 58, Dharmapala Mawatha, Colombo -07. Except
for the historical information contained
herein, statements in this release, which
contain words or phrases such as 'will',
'would', etc., and similar expressions or
variations of such expressions may constitute
'forward-looking statements'. These forward-looking
statements involve a number of risks, uncertainties
and other factors that could cause actual
results to differ materially from those suggested
by the forward-looking statements. These
risks and uncertainties include, but are
not limited to our ability to obtain statutory
and regulatory approvals and to successfully
implement our strategy, future levels of
non-performing loans, our growth and expansion
in business, the adequacy of our allowance
for credit losses, technological implementation
and changes, the actual growth in demand
for banking products and services, investment
income, cash flow projections, our exposure
to market risks ICICI Bank undertakes no
obligation to update forward-looking statements
to reflect events or circumstances after
the date thereof. The information
in this document reflects prevailing conditions
and our views as of this date, all of which
are expressed without any responsibility
on our part and are subject to change. In
preparing this document, we have relied upon
and assumed, without independent verification,
the accuracy and completeness of all information
available from public sources .The
products and services mentioned in this press
release are also subject to Central
Bank of Sri Lanka rules/regulations & other
applicable Laws. ICICI Bank and the "I
man" logo are the trademarks and property
of ICICI Bank.
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